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The International Monetary Fund\u2019s mission Chief to Ghana, Mr. St\u00e9phane Roudet has revealed that the fund was eager to help Ghana navigate its way out of its current economic crisis.<\/p>\n
Ghana secured a staff-level agreement with the International Monetary Fund for a $3 billion bailout on Tuesday a key step in the country\u2019s plans to restructure its unsustainable debt.<\/p>\n
The accord, which still requires IMF board approval, enables the government to address its precarious public finances and support the cedi \u2014 which had been the world\u2019s worst-performing currency this year.<\/p>\n
Investor concerns about ballooning government debt led to a sell-off of government bonds that effectively locked the country out of global capital markets.<\/p>\n
But speaking on the Citi Breakfast Show<\/strong> on Wednesday, December 14, Mr. Roudet said the Staff Level Agreement which was achieved in a record time is a clear indication that the Fund was willing to rescue Ghana from the economic doldrums.<\/p>\n \u201cThere is an eagerness to help Ghana,\u201d Mr Roudet said, adding that \u201ceveryone is aware of the hardship that the Ghanaian people are going through and we want to help.\u201d<\/p>\n Mr Roudet also added that it was important for the government to announce a debt exchange programme ahead of reaching the Staff Level Agreement to assure the IMF that the country\u2019s debt was on a sustainable path which will provide relief for creditors and gain their confidence.<\/p>\n According to Mr Roudet, Ghanaian authorities have committed to a wide-ranging economic reform programme, which paves the way for the IMF board to hopefully approve the $3 billion bailout early 2023.<\/p>\n